Citigroup Inc. Grows Holdings in United Bankshares, Inc. (UBSI)
Citigroup Inc. raised its stake in United Bankshares, Inc. (NASDAQ:UBSI) by 599.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,453 shares of the financial services provider’s stock after purchasing an additional 32,953 shares during the period. Citigroup Inc.’s holdings in United Bankshares were worth $1,508,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in shares of United Bankshares by 9,877.0% during the 1st quarter. BlackRock Inc. now owns 12,551,861 shares of the financial services provider’s stock worth $530,316,000 after buying an additional 12,426,053 shares during the period. State Street Corp grew its stake in United Bankshares by 35.4% in the 1st quarter. State Street Corp now owns 8,277,092 shares of the financial services provider’s stock valued at $349,708,000 after buying an additional 2,163,599 shares during the last quarter. RE Advisers Corp acquired a new position in United Bankshares in the 2nd quarter valued at about $38,298,000. Vanguard Group Inc. grew its stake in United Bankshares by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,186,209 shares of the financial services provider’s stock valued at $303,616,000 after buying an additional 394,932 shares during the last quarter. Finally, Tributary Capital Management LLC grew its stake in United Bankshares by 131.4% in the 2nd quarter. Tributary Capital Management LLC now owns 670,160 shares of the financial services provider’s stock valued at $26,270,000 after buying an additional 380,511 shares during the last quarter. Hedge funds and other institutional investors own 62.25% of the company’s stock.
UBSI has been the subject of several research reports. BidaskClub upgraded shares of United Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research cut United Bankshares from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. United Bankshares has a consensus rating of “Hold” and a consensus target price of $42.63.
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In related news, President Richard M. Adams, Jr. acquired 2,342 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average cost of $33.25 per share, for a total transaction of $77,871.50. Following the purchase, the president now owns 51,867 shares in the company, valued at approximately $1,724,577.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Mark Tatterson acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were bought at an average cost of $32.30 per share, for a total transaction of $32,300.00. The disclosure for this purchase can be found here. Insiders purchased a total of 15,247 shares of company stock valued at $510,526 over the last quarter. 6.23% of the stock is owned by company insiders.
Shares of United Bankshares, Inc. (NASDAQ:UBSI) opened at 37.15 on Monday. The company’s 50-day moving average price is $33.65 and its 200-day moving average price is $38.26. United Bankshares, Inc. has a 12 month low of $31.70 and a 12 month high of $49.35. The firm has a market cap of $3.90 billion, a P/E ratio of 19.88 and a beta of 1.06.
United Bankshares (NASDAQ:UBSI) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.14). The business had revenue of $176.75 million for the quarter, compared to analysts’ expectations of $164.09 million. United Bankshares had a net margin of 25.20% and a return on equity of 6.42%. During the same quarter in the previous year, the company posted $0.44 earnings per share. On average, analysts predict that United Bankshares, Inc. will post $1.92 EPS for the current year.
United Bankshares announced that its Board of Directors has initiated a share repurchase program on Monday, August 28th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a $0.33 dividend. The ex-dividend date is Thursday, September 7th. This represents a $1.32 dividend on an annualized basis and a yield of 3.55%. United Bankshares’s dividend payout ratio is 69.47%.
United Bankshares Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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